Viewpoint: Can blockchain be the foundation of sustainable social impact?

By Kenny Au

The cryptocurrency market is often preoccupied with discussions about market slumps, the volatility of the market, and the regulations of the industry. These conversations are not to be ignored entirely as they are still important but we must also ask, do people really understand how blockchain technology works to reinvent the ways we work, think or talk?

Blockchain can impact the way that we identify things and the way that we interact and with the digital world. It has the potential to create a more transparent and fair society.

While some are focused on all these speculations and regulations, others are considering how blockchain can impact humanity as a whole. Platforms like Giveth, use decentralised giving to ensure that donations reach the right hands. Some 800 cases of charity fraud were reported in the UK in 2016, a figure that police say is just a fraction of the overall crimes, while the Red Cross has also been criticised for its lack of transparency. A platform like Giveth could give donors more confidence.